Until 2010, the U.S. had no strict guidelines defining different grades of olive oil

"The United States definitely has been slow on the olive oil front," Addison says.

Without clearly defined olive oil grades, any company selling olive oil in the states was free to label lower grades as Extra Virgin without repercussions.

Then this groundbreaking 2010 study revealed 69% of 19 popular olive oil brands sold in the states failed a chemical and taste test based on international and USDA standards for extra virgin olive oil.

But even with guidelines in place, the FDA still isn't actively regulating olive oil

An FDA spokesperson confirmed the agency does not inspect olive oil in the states.

That's mostly because passing off lower grade oil for the elite stuff doesn't pose much risk to consumers' health in the long-run. Just keep in mind that the nutrient-dense qualities associated with EVOO won't be found in lower grades.

Try an olive oil tasting bar

"The problem for the consumer is that, if you're in the market in Atlanta, for example, which is far from olive oil producers, it's pretty hard to know what you're getting," Addison notes.

In major cities, there are massive marketplaces where boutique olive oil producers offer their oils up for taste testing and have stringently vetted their quality. Here's a list of these tasting bars.

Don't believe everything you read

Mandi Woodruff/Business Insider

Just because a bottle of olive says it was "Bottled in Italy" doesn't mean it was produced from Italian olives. Other clever marketing labels: "Product of X" or "Packaged in X."

"If the stuff was actually made in Italy, they'd put that on the labels," Addison says. "Italian producers export more than they produce. By definition, a lot of the olive oil we get from Italy is probably not from Italy. The problem is people on the streets don't know that."

Inspect the bottle's color

EVOO is very sensitive to light and heat, which is why the real stuff should be packaged in dark colored bottles.

The problem is Americans have a problem with not being to "see" what they're buying, Addison points out. That presents a dilemma for retailers, who usually opt for lighter bottles to please shoppers – jeopardizing the nutrients of the oil at the same time.